EtSwitch, the National Switch owned by all banks operating in Ethiopia and the National Bank of Ethiopia, held its 11 annual shareholders meeting today.
In his opening remarks at the meeting, Solomon Desta, Board Chairperson of EtSwith, stated that the company has been playing a crucial role in advancing the National Digital Payment Strategy, which aims to create a modern, secure and inclusive digital payment ecosystem in Ethiopia.
The company has generated revenue of more than 1 billion 130 million birr solely from operational earnings, with a subscribed capital amounting to over 2.9 billion birr, of which more than 1.7 billion has been fully paid, according to the board chairperson.
Solomon revealed that, during the 2023/2024 Ethiopian financial year, EtSwitch facilitated 94, 527, 740 interoperable ATM transactions with a total transaction value of 123.2 billion birr. “This represents a 32pct increase in transaction volume compared to the previous year,” he indicated.
EtSwitch’s P2P interoperable service saw significant success, with 49,698,724 transactions completed during the previous fiscal year. “The total transaction value reached 270.7 billon birr, reflecting a remarkable 251pct increase from previous year,” as Solomon said.
He added, “We achieved a milestone of 2,181,365 interoperable POS transactions, with a transaction volume increase of 125pct compared to the previous one.”
“In the 2023/24 financial year, EtSwitch SC. recorded a net Profit after tax of ETB 789,609,373.00 and ETB 750,522,213.00 after deducting the 5% legal reserve as per article 431 (1) of the new Commercial Code,” he added.
Source: FBC
